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20121120
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leaders need to do and what the nation faces. >> reporter: nancy pelosi spent this veterans day mixing and mingling with people at the presidio. >> we have a deficit that we have to deal with. we have to do it with growth creation of jobs cuts we all know that also with revenue. >> reporter: she will be returning to capitol hill with plans to push a deal backed by president obama, that will include tax hikes on wealthier households. republicans have already started digging in. >> raising tax rates will slow our ability to create the jobs that everyone says they want. >> reporter: what are the consequences if lawmakers cannot make a deal? >> fiscal live is bad -- physical cliff is bad if it happens. >> reporter: if scheduled cuts are imposed 400,000 government jobs tied to defense spending could be slashed. 400,000 jobs tied to nondefense spending could be eliminated. when it comes to taxes, all rates are scheduled to rise. >> at one point we had higher taxes what we are talking about transitioning from low taxes to high taxes so the immediate effect is, everyone has less income and spe
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